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Wednesday, April 23, 2014

Saying “NO” to Impulsive Spending

I was once that person: the kind who comes home with a lot of bags from boutiques and stores. Those bags are a result of both planned and impulsive buying. Of course, when I fall in line for that new shirt (the love at first sight kind), I get too excited; I can’t wait to wear it. But of course, when I got home and placed all the bags on my bed, reality comes to sink in, and I start regretting why I let my impulses dictate me. That, however, is not the tragic part of the story. Basically, the regret felt instantly dies and withers as I walk into the mall the next day. All the hallelujah choruses come alive again when I see new gadgets, my favourite restaurant, or a piece of clothing.

SAVINGS START HERE. We all know that when you want to save, you better start learning how to say NO to impulsive buying. I know. It hurts to hear the truth, but you’ve been hurting your pocket for the past years. It’s time to pay attention.

The million dollar question now is: how do you say NO to that sweater displayed on that shop you like? Or that new gadget you just can’t wait to buy? If you cannot control your urges to buy, you better start saying goodbye to a lot of things, like long and short term goals, a happy retirement, a convenient future, etc.

START HERE!

A Big NO to Multiple Credit Cards

Having multiple credit cards can give you the urge to shop. When you lose track of your expenses, you would think you still have enough money to burn. Credit cards should be used for emergency purposes only- like when you run out of gas or groceries. In other words, limit your use of credit cards to your needs, and only if you really, really need it.

Stop Going to Malls!

How can you start saying NO if you constantly lure yourself to doing it? So, unless it is part of a short term goal that you’ve been saving for, the malls are a no-no. Come back some other time.

And yes, that includes online stores. These are more convenient, but they can consume your money.

PLAN

When you want to save money, you need to plan. Plan whatever it is you want to purchase. And if you’ve come up with a plan, don’t buy anything that’s not in the list. That defeats the “planning” purpose.

Ask Yourself

When buying stuff, you need to ask yourself three things: do I really need it? Can I get by without it? Will it make my life easier?

If the answer to these questions are no, then NO it is. But you have to honestly answer these questions. That is why there is a need to be able to identify your wants vs your needs. Shoes, for example, can be classified as both. If, for example, you only have one pair and the pair is already torn, there is a need to buy another pair. If, on the other hand, you have a few pairs and you just feel like buying another pair, then that is already a want. The key is to be honest!

Discounts

Do not be blinded by discounts! Discounted items are so attractive because they are cheaper than before. That is why we tend to buy these stuff. But no. Even if the item is on sale, still, you need to ask those three questions given.

Diversion!

If you feel the urge to shop, hurry home, and do something else worth your while! You can try reading, cooking, or even putting on the best jogging wear and run around the block. Get another hobby. Shopping is expensive. It will cost you.

I don’t have to explain why saying NO to impulsive buying is a good thing. Saving is always a good thing. You should not consume all your monthly earnings. You have to save part of it. Rainy days can always be expected, and if you’re not ready for them, you are in serious trouble.